1. Correct Answer
     The correct answer is Option B: ₹40.
 2. Explanation
     To solve this problem, we need to determine the value of the smallest prize when the total sum of the prizes is ₹700, and each prize is ₹20 less than the preceding one.
     Let's denote the value of the smallest prize as *x*. Therefore, the prizes can be represented as follows:
         ○ 1st prize: *x*
         ○ 2nd prize: *x + 20*
         ○ 3rd prize: *x + 40*
         ○ 4th prize: *x + 60*
         ○ 5th prize: *x + 80*
         ○ 6th prize: *x + 100*
         ○ 7th prize: *x + 120*
     The sum of all these prizes should equal ₹700:
     \[
     x + (x + 20) + (x + 40) + (x + 60) + (x + 80) + (x + 100) + (x + 120) = 700
     \]
     Simplifying the equation:
     \[
     7x + (20 + 40 + 60 + 80 + 100 + 120) = 700
     \]
     \[
     7x + 420 = 700
     \]
     Subtract 420 from both sides:
     \[
     7x = 280
     \]
     Divide both sides by 7:
     \[
     x = 40
     \]
     Therefore, the least value of the prize is ₹40, which corresponds to Option B.